The region’s overall growth was driven by the growth of its high-tech industries. The added value created by high-tech industries at or above the designated scale (annual turnover reaching 20 million yuan) in Beijing rose by 11.6 percent year-on-year and contributed to 48.5 percent of the industry’s growth.

The added value of strategic emerging industries above the designated scale in Tianjin grew by 8.2 percent on a yearly basis, and that of high-tech manufacturing industry increased by 12.9 percent, driving industrial growth by 1.6 percentage points.

In Hebei Province, the modern service industry has gained momentum and the value added in service industry accounted for 41.7 percent of regional GDP. Meanwhile, the year-on-year growth of added value created in equipment manufacturing industry stood at 15.6 percent, which contributed to 77 percent of the above-scale industrial growth.

At the same time, the Beijing-Tianjin-Hebei region has seen vigorous activities in innovation. Data shows that the gross revenue of high-tech enterprises above certain scale in Beijing’s Zhongguancun demonstration area jumped 16.7 percent in the first half of this year, of which the advanced manufacturing and environmental protection technology sector registered a revenue growth of over 20 percent.

The outlook for the Chinese economy has improved noticeably over the past 18 months. Fears of a hard landing and significant devaluation have receded and there is greater investor faith that its economy has stabilised, with nominal GDP growth steadily picking up over the last year.

Leading indicators suggest the worst is indeed behind China. The Asian powerhouse’s GDP grew at an annual pace of 6.9% in the first quarter of 2017, a notch higher than analysts’ consensus expectations.